THE CORPORATIONS LAW

CHAPTER 6 - TAKEOVERS

PART 6.6 - VARIATION OF OFFERS

Division 2 - Off-market bids (express variation by bidder)

SECTION 650F   FREEING OFF-MARKET BIDS FROM DEFEATING CONDITIONS  

650F(1)  [Method of removing defeating condition]  

If the offers under an off-market bid are subject to a defeating condition, the bidder may free the offers, and the takeover contracts, from the condition only by giving the target a notice declaring the offers to be free from the condition in accordance with this section:

(a)  if the condition is that the bidder may withdraw unaccepted offers if an event or circumstance referred to in subsection 652C(1) or (2) occurs in relation to the target - not later than 3 business days after the end of the offer period; or

(b)  in any other case - not less than 7 days before the end of the offer period.

650F(2)  [Contents of notice]  

The notice must:

(a)  state that the offers are free from the condition; and

(b)  specify the bidder's voting power in the company.

650F(3)  [Lodgment of notice]  

The notice must be:

(a)  if the securities in the bid class are quoted - given to the relevant securities exchange; and

(b)  if those securities are not quoted - lodged with ASIC.